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KNOT Offshore Partners LP Announces First Quarter 2014 Cash Distribution, Gives Operational Update and Files Form 20-F.

April 15, 2014

ABERDEEN, Scotland--(BUSINESS WIRE)-- KNOT Offshore Partners LP (NYSE:KNOP) (“The Partnership”)


The Partnership announced today that its Board of Directors has declared a quarterly cash distribution with respect to the quarter ended March 31, 2013, of $0.4350 per unit. This corresponds to $1.74 per outstanding unit on an annualized basis. This cash distribution will be paid on May 15, 2014 to all unitholders of record as of the close of business on May 5, 2014.

Operational Update

We have been notified that BG Group will not exercise its option to extend the Windsor Knutsen time charter after the expiration of its existing term. The vessel will be redelivered between June 30 and August 30, 2014 at BG Group’s option. The process of re-employing the vessel is ongoing. Pursuant to the Partnership’s omnibus agreement with Knutsen NYK Offshore Tankers AS (“KNOT”), in the event the Windsor Knutsen is not re-employed and receiving a rate of hire that is equal to or greater than the rate of hire that would have been in effect in the event BG Group had exercised its option under the existing charter, KNOT will pay us such rate of hire that would have been in effect for a period of up to April 15, 2018, subject to certain limitations as described in our omnibus agreement.

Filing of Annual Report on Form 20-F.

The Partnership has filed its Annual Report on Form 20-F for the year ended December 31, 2013 with the U.S. Securities and Exchange Commission (the “SEC”). The filing is available on the SEC’s website and the Partnership’s website.

About KNOT Offshore Partners LP

KNOT Offshore Partners LP owns, operates and acquires shuttle tankers under long-term charters in the offshore oil production regions of the North Sea and Brazil. KNOT Offshore Partners LP is structured as a publicly-traded master limited partnership. KNOT Offshore Partners LP’s common units trade on the New York Stock Exchange under the symbol “KNOP.”

Forward Looking statements

This press release includes statements that may constitute forward-looking statements. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. Factors that can affect future results are discussed in the Annual Report on Form 20-F filed by the Partnership with the SEC. The Partnership undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.

Source: KNOT Offshore Partners LP

Source: KNOT Offshore Partners LP

KNOT Offshore Partners LP

Arild Vik, 44 7581 899777

Chief Executive Officer and Chief Financial Officer

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